A useful starting point is the UTXO Realized Price Distribution (URPD), which shows at what prices the current set of Bitcoin UTXOs were created, providing insight into where investors acquired their coins. Comparing the snapshot from August 13th with the current structure, it is evident that investors have taken advantage of the pullback into the $108k–$116k “air gap.” Accumulation has steadily filled this range, reflecting a clear “buy-the-dip” response. This behaviour is constructive for the longer term, yet it does not eliminate the risk of further contraction in the short to mid-term.
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It can be said that CEX, which relies on transaction fees as its core source of income, has reaped the greatest benefits from the explosion in the size of Crypto. According to public market estimates, the annual revenue and profits of leading offshore CEXs such as Binance and OKX are currently in the billions or even tens of billions of US dollars. For example, Binance's annual revenue in 2023 was as high as US$16.8 billion, and its annual cryptocurrency trading volume exceeded US$3.4 trillion. This means that even in a turbulent period of the global macro-environment, offshore CEX is still one of the most profitable businesses.
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See who follows BAGSPACK: x.com/billionofcrypt 👀 SolCypher called BagsPack just now also.
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